The Morgan Stanley bank estimated that the Egyptian economy will grow 4.2 percent in the current fiscal year.

Cairo.- The investment bank lowered its growth forecast, previously set at 5.0 percent, in its report “Economy, Sovereign Credit and Capital Strategy of Egypt”.

It pointed out that the decrease is caused by higher imports and lower financial flows.

As positive data, Morgan Stanley reduced the country’s current account deficit forecast to 9.8 billion dollars for the recent fiscal year 2022-2023 and 10.2 billion for the current one.

The bank considered that Egypt’s solvency will be boosted by a high increase in tourism revenue.

Finance Minister Mohamed Maait said last March that the national Gross Domestic Product would grow 4.1 percent this fiscal year, below the 5.5 percent announced in December. (PL)